When you’re running a fitness studio or gym, one of the biggest decisions you’ll be faced with is figuring out the best way to grow your business. When’s the right time to expand your staff? Should you add more employees to your team or is it smarter to hire contractors? The answer can vary business to business, depending on your circumstances.

About the Webinar As a business owner, you know you need insurance to protect your business, but do you fully understand all the ins-and-outs of your policy and liability?

As a small business owner, you want to look out for the wellbeing of your employees as much as you possibly can. After all, employees that are happy, healthy and feel well cared for will be even more motivated to help grow and improve your business. But as far as benefits like health insurance, paid time off and other work perks are concerned, what should you be offering?

As a studio or gym owner and operator, keeping your staff, members, and investment safe is a continuous priority for you. Whether it’s your landlord’s requirement, your own peace of mind, or a conscientious decision to ensure your business and bounce back from a loss, having insurance is key for business owners. Yet buying the proper insurance at the right price can be a difficult road to navigate. Do you purchase the highest limits for the most money? Or do you risk getting by with the bare minimum? The “bare minimum” can also mean different things: it can be buying the bare minimum in limits or buying limited coverage. Policies have different language and sometimes people buy insurance and later realize most claims aren't covered due to exclusions. These are business decisions that every owner is faced with, but you can minimize your exposure by working with the right broker to understand the coverage you’re buying.

The situation: You're looking to rent a new studio space. Along with all of the other must-haves on your list, you're looking for a space with a certain square footage. Your real estate broker tells you that he or she has a promising new location to show you. You walk in, excited to view the new space, only to find that it's significantly smaller than the square footage advertised—but with the same price tag as that larger space. The reason? The building you're renting from has "loss factor."

Whether we like it or not, we live in a culture where people tend to sue more than we might expect. And the bad news is that because you have assets (i.e. your studio or gym), you’re a target for lawsuits. Thankfully there are ways to tighten your liability and limit your risk.

Whether it’s your first lease or your tenth, taking on a new space for your studio is just as exciting as moving into a new home, and it’s worth celebrating the milestone. But before you pop the Champagne, it’s imperative that you first read your commercial lease from start to finish, and then make sure you understand every word in there. Unlike residential rentals, commercial leases can be hundreds of pages long and contain many hidden clauses that behoove the landlord—not you, the renter. The key thing to remember when looking over your lease is that landlords are always aiming to push any risk off themselves and onto the renter. We recommend hiring a real estate lawyer to help you through the negotiation process, and to ensure your business is protected.